GigaCloud Technology (NASDAQ:GCT) stock is continuing to rally on Friday after the Hong Kong-based fintech company launched its IPO yesterday.
That IPO saw the company list shares for $12.25 each and it included 2.94 million of them. That has the company expecting gross proceeds of $36 million from its IPO before deducting underwriter discounts.
GigaCloud Technology holding an IPO in the U.S. is somewhat surprising considering the delisting fears Chinese companies have faced. GCT isn’t worried about that though as it says it’s willing to switch auditors if need be to keep its U.S. listing.
What’s Behind the Rally of GCT Stock?
It looks like meme stock traders have latched onto GCT shares as one of their big investments. This has it joining other popular Hong Kong meme stocks, such as AMTD Digital (NYSE:HKD), AMTD IDEA (NYSE:AMTD), and Magic Empire Global (NASDAQ:MEGL).
That resulted in heavy trading yesterday as investors pumped up shares of GCT stock with its IPO. This saw shares rise as much as 62% yesterday and that momentum isn’t stopping today. As of this writing, more than 8 million shares of GCT stock have changed hands. While we don’t have a good daily average to compare that to, there’s no denying it’s a lot of momentum for the stock.
GCT stock is up 145.1% as of Friday morning.
There’s more stock market news traders will want to know about below!
We’ve got all of that stock news ready to go in one place! Among it is what’s moving shares of Volcon (NASDAQ:VLCN), Bed Bath & Beyond (NASDAQ:BBBY), and Axsome Therapeutics (NASDAQ:AXSM) stock today. You can get all of that news from the following links!
More Friday Stock Market News
- Why Is Volcon (VLCN) Stock Up 56% Today?
- Why Is Bed Bath & Beyond (BBBY) Stock Plunging Today?
- Why Is Axsome Therapeutics (AXSM) Stock Up 30% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
